Auto Parts 4Less Group Inc (FLES)

[karlstier]

So at some point in the future, December 2024 or if they kick the can again, a later date, the Series C holders will get shares equal to 2.63 time the then current common outstanding?

At both April 30, 2021 and January 31, 2021, there were 7,250 and 7,250 Series C preferred shares outstanding, respectively. The Series C Preferred Stock have the right to convert into the common stock of the Company by multiplying the number of issued and outstanding shares of common stock by 2.63 on the conversion date. The holders of Series C Preferred shares are not entitled to dividends, and the Company does not have the right of redemption. Currently, there are 7,250 Series C preferred shares authorized and issued with a par-value of $0.001 per share

So we will see a valuation haircut upon conversion of approximately 82%? How will that impact the growth (via institutional and retail interest in the common share) in the share value for the next 3 years?